@article {13092, title = {Retirement Reforms Are Necessary{\textemdash}So Is Strengthening Social Security}, year = {2022}, keywords = {Retirement Reforms, Social Security}, author = {Owen Davis and Siavash Radpour and Eva Conway and Teresa Ghilarducci} } @inbook {NBERc4543, title = {Reducing Social Security PRA Risk at the Individual Level: Life-Cycle Funds and No-Loss Strategies}, booktitle = {Social Security Policy in a Changing Environment}, year = {2009}, pages = {255-292}, publisher = {University of Chicago Press}, organization = {University of Chicago Press}, abstract = {Retirement savers in a Social Security system with a personal retirement account (PRA) component would face the challenge of deciding how to allocate their PRA portfolios across a broad range of asset classes and across many different financial products. Asset allocation decisions have important consequences for retirement wealth accumulation because they affect the expenses of investing as well as the risk of low returns. The goal of this chapter is to assess the relative risk associated with alternative asset allocation strategies in PRAs. It also offers insight on the consequences of different asset allocation rules in current private-sector defined contribution (DC) plans, such as 401(k) plans. Quantifying the risk associated with }, keywords = {Social Security}, url = {http://www.nber.org/chapters/c4543}, author = {James M. Poterba and Joshua Rauh and Steven F Venti and David A Wise} }